IBBI amends norms related to insolvency resolution process for personal guarantors
IBBI has made amendments to the insolvency resolution process for personal guarantors and voluntary liquidation process. The changes remove restrictions on an Insolvency Professional (IP) to be appointed as a Resolution Professional (RP) for personal guarantors. The amendments also make the convening of meeting of creditors mandatory in personal guarantor cases. Key Points
Economic TimesEmployment process for 1.5 lakh posts complete: Railway Minister Ashwini Vaishnaw
The Indian Railways plans to create more employment opportunities by conducting an annual recruitment process. Union Railway Minister Ashwini Vaishnaw stated that the employment process for 1.5 lakh posts has been completed, with the selection of Assistant Loco Pilots (ALPs) being the first step. The railway aims to fill vacancies on a yearly basis in various categories, providing more opportunities for applicants. Key Points
Economic TimesAjay Singh, Sky One and Busy Bee file firm bids for Go First
SpiceJet promoter Ajay Singh, Sky One, and Busy Bee have submitted the bank guarantee and expression of interest for bankrupt Go First Airlines. The lenders may extend the resolution process deadline by two months. Singh applied individually, while Busy Bee is a new applicant associated with Plan IT. Safrik Investments and NS Aviation did not submit guarantees. The three entities will receive more information on Go First to develop a formal plan. Creditors may vote again to extend the resolution timeline beyond the current deadline. Key Points
Economic TimesCreditors say yes to fresh bids for Go First
Creditors of bankrupt Go First Airlines allow fresh proposals from prospective resolution applicants (RAs). Five entities, including SpiceJet, express interest. RAs must submit bank guarantee and formal EoI. CIRP may be extended. Lenders skeptical of strong bids due to airline's struggles. Court battle with lessors. Lenders pursue arbitration against Pratt & Whitney. Key Points
Economic TimesGo First lenders can check out new offers
Among the creditors, a large public sector bank which is a key creditor wants more time since the approval to extend the process needs to be ratified by its board. So voting lines are still open for everyone, though some of the creditors have already voted, said a person aware of the process. Key Points
Economic Times
Demonstrating democracy: The 2024 poll cycle is a strategic opportunity that can provide India leverage
Elections alone are not a barometer of democracy. However, for a country once constantly criticised on rigged elections, to boast of turnout percentages in the 65-75% range, with rapidly improving numbers among women, is quite different to the general cynicism elsewhere. Key Points
The Economic TimesFuture Enterprises' lenders hope for a better future, to restart bidding
FEL used to develop, own and lease retail infrastructure for Future Group. It also held the group's investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain, and logistics. Lenders are hoping for better valuations for the company because of the stakes it holds in the growing insurance ventures. Key Points
Economic TimesRecruitment for CEO, Chairman of NLMC delayed again, application deadline pushed to July 16
The Department of Public Enterprises (DPE) once again pushed the deadline for the recruitment process for the Chief Executive officer, Non-executive Chairman and consultants National Land Monetisation Corporation to July 14, as it failed to get suitable candidates. The application for the post of CEO is restricted to government officials, while the application for non-executive chairman is open to even candidates from private sectors. Besides, the Search-Cum-Selection-Committee (SCSC) set up by the government is already looking for candidates. Key Points
Economic TimesRRC WR to recruit for 3624 Apprentice posts, registration begins June 27 at rrc-wr.com
RRC WR will recruit for Apprentice posts. The registration process will begin on June 27, 2023 at rrc-wr.com. Key Points
Hindustan TimesExplained | The Hiroshima process that takes AI governance global
The annual G7 Summit, hosted by Japan, took place in Hiroshima on May 19-21, 2023. Among other matters, the G7 Hiroshima Leaders’ Communiqué initiated the Hiroshima AI process – an effort by this bloc to determine a way forward to regulate artificial intelligence. Key Points
The Hindu
Lenders take full control of Go First resolution process, replace key bankruptcy officials
The committee of creditors replaced the company-appointed interim resolution professional, process advisor and legal agency to show their intent of controlling the country's biggest voluntary bankruptcy-protection case since the Insolvency and Bankruptcy Code came into force. The CoC will file for more changes before the NCLT by Tuesday, including replacing Alvarez & Marsal as the process advisor with EY, along with the legal team. The CoC wants to avoid conflict of interests. Key Points
Economic TimesUPSSSC to recruit for X-Ray Technician posts, registration begins June 15
UPSSSC will recruit candidates for X-Ray Technician posts. Application process begins on June 15, 2023. Key Points
Hindustan TimesABVP claims JNU administration agreed to its demands of notification for PhD admission, hostel allotment
ABVP unit president Umesh Chandra Ajmeera said the admission process for PhD would commence in the next 10 to 12 days. Within six weeks of the start of the next session, the process for student union elections will be completed, he added. Key Points
The Indian ExpressSupreme Court verdict on fraud loans may remove hurdles for lenders
Bankers and lawyers said that though the process to declare a fraudulent account may get elongated after the Supreme Court verdict, a detailed standard operating procedure (SoP) will eventually eliminate legal hurdles in the future. On Monday, a two-judge bench of Chief Justice of India DY Chandrachud and Justice Hima Kohli said that borrowers must be heard before their accounts are classified as fraud, upholding a Telangana High Court order against an appeal by State Bank of India (SBI). Key Points
Economic TimesPre-packaged insolvency fails to take off as bankers wary of voluntary haircuts
The pre-pack model of insolvency resolution for smaller firms has failed to gain traction due to concerns of impropriety by bankers. Only four companies have used the scheme since its introduction in April 2021. Key Points
mint
NCLT admits insolvency plea against Mumbai's Four Care Hospital
Mumbai's NCLT admits Four Care Hospital for Corporate Insolvency Resolution process under application by Standard Chartered Bank while the tribunal has appointed Rajan Garg as resolution professional. Promoter availed loan from DHFL, later acquired by Standard Chartered Bank. Key Points
Economic TimesUCO Bank SO Recruitment 2023: Registration for 142 posts ends tomorrow
UCO Bank will end the registration process for Specialist Officer posts on December 27, 2023. Check details here. Key Points
Hindustan TimesUttarkashi tunnel collapse: New drill begins rescue work
The machine penetrated around 12 meters inside the debris on the second half of the day. The rescue team has undertaken both the exercise simultaneously - horizontal drilling as well as inserting steel pipes to expedite the process for making a passage for the safe evacuation of the 40 trapped labourers. By 4.30 pm, the team had successfully inserted a 9-meter pipe inside the debris. Key Points
Economic TimesSKS Power's losing bidders challenge lenders' decision
Torrent Power and Vantage Point Asset Management have appealed against the decision to award bankrupt SKS Power Generation to Sarda Energy & Minerals, alleging bias in the evaluation process. Both companies are seeking the court's direction to reconsider their plans and provide another opportunity to offer better value. Key Points
Economic TimesGovt to revamp patenting process: Sanjeev Sanyal
Sanyal said he is personally looking at drafting the urgently needed legislative changes as what is of critical importance is reforming the very process, and also fixing the legal metrology provisions, which now is a really cumbersome process, and I am personally working on this now. He said while over the past few years the efficiency of the system at the examiner level has gone up really high, at the more critical controller level it is stuck leading to massive pendency of applications which is around 1.7 lakh now. Key Points
Economic Times
United States starts prep to turn your visa paperless; will this make your life easier?
The pilot project has showcased promising results, with visitors successfully navigating the process, particularly for immigrant visas. However, Stufft clarified that widespread adoption of paperless visas will take time, estimating around 18 months or longer. Key Points
Economic TimesWhere does Go First’s insolvency resolution process stand?
A revival plan is reportedly in the works. But airfares are as of now through the roof, and the IBC process has been slower and less productive than expected. Bottom line: the longer this process is delayed, the more will be the value lost, and the more difficult it will be to restart operations Key Points
The Indian ExpressSwarup Mohanty on art of rebalancing a well diversified portfolio
Rebalancing an investment portfolio at specific periodic levels is more favourable than buying and holding because it offers a sustainable process that can approach the volatility and the upsides and downsides of the market unemotionally through a mathematical approach, according to Swarup Mohanty, CEO, Mirae Asset Investment Managers (India). Investors should review and rebalance their portfolios periodically, and rebalancing can help maintain the actual asset allocation closest to their risk profile, he said. Key Points
Economic TimesSIMCO Recruitment 2024: Application process ends tomorrow for 48 posts
SIMCO has invited applications for Salesman and other posts. Eligible candidates can apply till tomorrow, February 29, 2024. Key Points
Hindustan TimesNPCI set to launch Asba-like facility for secondary market from January
This facility is similar to Asba (applications supported by blocked amount), used for blocking funds and undertaking multiple debits, popular among investors to purchase shares during the IPO process. It will now be available for secondary market trading as well. Key Points
Economic Times
‘Monitoring the situation regularly, entire process to be non-disruptive’
"Yesterday there was no crowd anywhere. We are monitoring the situation regularly. I don’t think there is any concern or major issue which is coming off. Trade and business activities are going on,” Das said at an event organised by Confederation of Indian Industry (CII). Key Points
The Indian ExpressAn AI failure database can help foster innovation safety
Experimental technologies thrive on a 'culture of failure' as that’s how we learn from mistakes. We can mitigate AI risks by recording and analyzing mishaps. This is how aviation grew safer. Key Points
mintECB raises minimum capital requirements for Spanish banks
The European Central Bank has raised the minimum capital requirements for Spanish lenders BBVA (BBVA.MC), Caixabank (CABK.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) as part of a supervisory review and evaluation process (SREP). Key Points
ReutersGo First looks at external funding for contingency plan
Go First, the first Indian airline to file for voluntary insolvency proceedings, is reaching out to asset reconstruction companies and distressed debt funds for short-term priority funding, focusing on alternative sources of funds to ensure revival is not impacted by procedural issues. Lenders, Bank of Baroda and Central Bank of India, have agreed in principle to lend INR 450 crore, which would come at a 20% interest rate. Key Points
Economic TimesComedian pokes fun at performance review process. Watch
Comedian Aiyyo Shraddha has injected some humour into the ongoing performance review process season. She shared the hilarious video on Instagram. | Trending Key Points
Hindustan Times
MIT engineers ‘grow’ atomically thin transistors to make super dense computer chips
MIT researchers have developed a method to "grow" 2D transistors on a silicon wafer at relatively low temperatures. This could help manufacture denser and more powerful computer chips in the future. Key Points
The Indian ExpressGovernment plans to introduce bills to amend companies, insolvency laws in Parliament's monsoon session
The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It has already undergone various amendments. On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. Key Points
Economic TimesDIPAM rubbishes media reports of IDBI Bank disinvestment deferment
Reports appearing in a section of the media indicating the possibility of deferment of IDBI Bank disinvestment are misleading, speculative and baseless. The transaction continues to be on track as per the defined process in post-EoI stage following receipts of multiple EoIs, Secretary, Department of Investment and Public Asset Management tweeted. Key Points
Economic Times'Go First lenders yet to decide on bids, airline's revival likely to be delayed'
Both bidders had increased their bids earlier this month after initial scrutiny by lenders, necessitating an extension to complete negotiations, people familiar with the process said. The committee of creditors (CoC) will meet either this week or early next week to finalise the extension of the timeline since a few more days will be needed to scrutinise and finally decide on the bids that are currently on the table, said a person aware of the process. Key Points
Economic TimesGirls in civic schools in Pune yet to avail free sanitary napkin facility
The PMC is distributing sanitary napkins free for the girls every year. However, even as two months are left for the financial year to end, the civic body has been unable to complete the tendering process. Key Points
Hindustan Times
Biometrics-based immigration checks at New Delhi, Mumbai & Bengaluru airports soon! Check details
India Business News: Biometrics-based immigration checks at Indian airports soon! The Indian government is planning to implement a faster biometrics-based process for international passengers to expedite immigration checks at airports. This initiative is part of the government's strategy to develop India's airports as global transit hubs. Key Points
Times Of IndiaStretched timelines: What’s extending the duration of CEO & CXO searches?
Many seasoned pros are dropping off at the fag end of the notice period even after accepting an offer, said at least half a dozen leadership search companies. This is leaving companies, leadership consultants and even boards in a quandary as the time taken to fill a CEO/CXO vacancy - from the start of a search process till the person joins the new company - has extended more than ever before, said people linked to C-suite searches. Key Points
Economic TimesPatanjali enters race with all-cash offer of ₹830 crore to acquire Rolta India
Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process. Key Points
Economic TimesGovernment mulls new framework to put IBC cases on fast track
The details will be finalised after broader stakeholder consultations. The government has studied the best practices of several jurisdictions and a similar, if not the same, insolvency mechanism is followed in the UK, said an official aware of details. Various aspects and structures of the planned framework are being examined and a final decision would be taken in due course. Key Points
Economic Times